Morning journal and courier., 1887-09-13
THE WHEELER FAILURE.

An Important Movement on FoOt-A
 Meeting of the New Haven Bank
 Presfdents KesterdaY-The Movement
 May Possibly Result in she Granting
 of an Extension of Time To Mf'
 wheeIer-An Important New Haven
 Unterent mt Stake-Mr. Wheeler Sub-
 nnits n ProposItton-The Hartford
 and New York Banking Concerns-
 Litfgation Which Has Already Be-
 gun.
 A meeting of the presidents of the various banks holding business paper of E. 5. Wheeler & Co. was held in this city yester- day afternoon. It was rumored, which ru- nor proved true, that they had met to see if it was advisable to initiate movement for giving Mir. Wheeler an extension of time and Mir. Wheeler appeared before the meeting personally and made brief statement. The meeting was private, and there was consider able discussion but no result was arrived at, nor any definite action taken. MT. Wheeler's statement was concise and business like, and set forth the state of his business affairs and the reasons for asking an extension. So inn portant measure as that contemplated re- ouires time and deliberation and a unity of action on the part of all the creditors; and this question will this week be presented sep arately to the boards of directors of the diff ferent New Haven banks financially interest ed, for their action. It is thought that if the New Haven banks can unite in favor of the extension that the Hartford banks hold ing Wheeler paper will acquiesce and do likewise. The question at stake is, is it best and is it the most judicious thing that can be done? If the New Haven and Hartford banks arrive at unity of feeling and action on the subject, then it may not be difficult H. hoyo o1ya and Morgan & Co.,, and the Brown Brothers and the other banking houses interest," ed to unite in the proposition. It is likewise argued that if MT. Wheeler can be given from one to three years time Tn which to bring order out of confusion and the result should prove to be the payment of all claims and the establishment of his business, it will be agood thing omplished and no mistake.
 It is very doubtful if at the Probate court this morning Mir. Wheeler will be able to make any more distinct statement as to the debts of the concern than has already been made as so much of it is contingent liability. Then, if an extension is granted, no doubt much more could be extracted from the firms insolvent through the Wheeler failure than otherwise.
 In pursuance with an order of the Superior court, Attorney w L. Bennett was engaged as a committee in hearing yesterday some testi- mO0y r6l2L1V6 10 Cerla1n lOtS OL WlEo OoAoAS- ing to the firm of E. s. Wheeler & Co. at the New Haven wire mill. There were present at the hearing Henry s. Newton, representing Brown Bros 6 Co.,; Louis Bristol, represent ing Kidder, Peabody 6 Co.,; Platt 6 Moran, representing Heidelbach, Ickleheimer & Co.,; s. A. Galpin, secretary and receiver of the company, and Henry 0. White, his attorney. The hearing was merely to establish some facts about several large consignments of wire. The firms mentioned claim that the iron and steel rods were shipped here upon the order of the New Haven firm under bonds for bankers cred it, by which they guaranteed their sought to establish was that certain lots came over on certain steamers under cer- tain bonds. When these facts are estab lished the committee will report to the Supe- rior court and the court will then probably order that the work at the wire mill can go on. The object is to find out just what claims are made for certain lots of rods and the question of who shall have the receipts for them will come up in the courts later. The hearing was to establish the facts in or- der that the work at the mill might be re- sumed.
 The hearing will be continued this morn ing at II o'clock.
 The question of the Identification of the individual lots of rods involved may be found very nice one to determine. These importations may be preferred claims for New York and English creditors under New York law, as has been proven in another in1 portant case, but whether Connecticut law is the same on the subject is an open ques- ton. There is from $50, ,O00 to $100,000 worth of property in these rods lying st the wire mill in Fair Haven, and if all the cred- itors should decide to share alike and give an extension it might prove bonanza. At any rate, the whole question involved is likely to receive pretty thorough consideration from the creditors